Uzbekistan is the sixth-largest producer and third-largest exporter of cotton fiber in the world, with a production of 1.2 million metric tons of cotton fiber per year to get a large textile factory in the Karshi district of Kashkadarya province in Uzbekistan. As a Dutch company, LT Textile Cooperatief UA is organizing textile production and equip it with the latest technology and energy saving equipment.
The textile company has started the construction of the new textile factory which is expected to start production in November 2016 and at least 80 percent of its output will go for export. The project is expected to create about 700 jobs.
In the first quarter of 2017, the new textile factory is to reach its design capacity of processing 20,000 tons of cotton fiber and produce 15,000 tons of cotton and mixed yarn a year.
Late in 2014, the Government of Uzbekistan approved the investment agreement signed last October between the Uzbek Ministry of Foreign Economic Relations, Investment and Trade and LT Textile Cooperatief UA to provide specific obligations to the foreign investor for the new textile project, and provided 30 hectares of land in Karshi for the new factory.
Out of the $55 million investment, $17 million will be of the own resources of the Dutch company and $38 million will be attracted as loans from foreign banks, without any guarantee of the Government of Uzbekistan.
The Uzbek Government has granted the new project with benefits such as exemption from corporate income and property taxes, single tax for micro and small enterprises, as well as mandatory contributions to the National Road Fund until January 1, 2022.
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